FREMONT — A largely undeveloped site in Fremont that’s across the street from a PG&E substation was bought by investors operating out of the Midwest in a deal that could bolster the East Bay city’s push for advanced manufacturing.
A group affiliated with a Chicago-based real estate firm operating as CDECRE LLC paid $70.1 million to buy a 26-acre industrial site at 41777 Boyce Rd., according to documents filed on Jan. 8 with the Alameda County Recorder’s Office.
Prologis, a San Francisco-based real estate firm, was the seller in the all-cash deal, county records show.
Newmark commercial real estate executives Steven Golubchik, Edmund Najera, Darren Hollak, and Brendan Raney arranged the transaction.
“This transaction positions the site to support next-generation advanced manufacturing, powered by exceptional infrastructure and utility access,” Fremont economic development director Donovan Lazaro said.
The property is across the street from the PG&E Newark substation, which is in Fremont despite its name. It is one of the key components of an effort by LS Power Grid California, an affiliate of Missouri-based LS Power, to develop two major new electricity facilities in the Bay Area.
One major project is running from the Newark Substation to the Northern Receiving Station. This project would connect a new terminal near the PG&E Newark Substation in Fremont to Silicon Valley Power’s Northern Receiving Station in Santa Clara via a new terminal near the Regional Wastewater Facility in North San Jose’s Alviso district.
“Industrial development sites of this scale are extremely rare in the Bay Area, and even more so in Fremont,” said Golubchik, a Newmark executive vice chairman.
Fremont is attempting to encourage the development of warehouse, logistics and manufacturing districts. The city hopes these sites will attract advanced technology, distribution and innovation-oriented companies.
“It’s a rare opportunity to connect Fremont’s industrial past with its technological future,” Lazaro said of the recent deal.
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